A nice little bit of tax avoidance for the Rothschilds

[Ognir]

A nice little bit of tax avoidance: The Byzantine bowl that helped reduce the inheritance bill for wealthy Rothschild family

It is a stunning work of art, described as the 'single most important' object ever given to a Scottish museum.

But as well as benefiting the National Museum of Scotland, this Byzantine sardonyx bowl also allowed for a generous tax benefit for one of the country's wealthiest families.

It was acquired by the museum from the estate of the late Edmund de Rothschild under the Acceptance in Lieu scheme, which allows donors to leave major works of art to the nation in lieu of inheritance tax.

Stunning: As well as benefiting the National Museum of Scotland, this Byzantine sardonyx bowl also allowed for a generous tax benefit for one of the country's wealthiest families. It is held aloft by Godffrey Evans of the museum

The scheme officers clear tax benefits for owners with items worth 17 per cent more if offered in lieu of tax than if sold on the open market at the same price.

It was one of six outstanding items from the Hamilton Palace collection sold to Alfred de Rothschild shortly before the sale of Scotland's greatest collection in 1882.

Speaking to STV, Sir Angus Grossart, chairman of National Museums Scotland said: 'The Hamilton-Rothschild tazza is the single most important acquisition that National Museums Scotland has made in many decades.

'Acquiring this wonderful work of art demonstrates our enhanced international ambitions for our collections and underlines our aspirations.


'We have a strategic vision for our future potential and are committed to build upon major acquisitions.'

The tazza is a bowl mounted on a 16th-century gold stand.

The bowl was purchased by the 10th Duke of Hamilton while he was the British Ambassador in Russian from 1807 to 1808.

The gold foot was then purchased in 1812 and the two pieces were united to create the tazza.

Edmund de Rothschild was an English financier and a member of the prominent Rothschild banking family.

He was also a recipient of the Victoria Medal of Honour which was given by the Royal Horticultural Society.

He played a key role in the success of the bank and became its chairman from 1970 to 1975.

He also played a key role in developing British interests in postwar Japan.

Born in 1916, he died in January 2009.

The tazza went on temporary display at the National Museum of Scotland this morning.

It will remain there for several months.

http://www.dailymail.co.uk/news/article-2175017/Rothschild-family-tax-The-Byzantine-bowl-helped-reduce-inheritance-bill.html#ixzz3EMdlexfk

[Christopher Marlowe]

We had the bowl for a while when I was a kid. My mom would use it for snacks when we had company, or to put candy in at Halloween.  It got that little nick when we were playing Frisbee inside the house. Mom was pissed. She took it down to the Goodwill, and the Rothschilds picked it up there. There was about 4 of them down at the Goodwill, looking for bargains, and rubbing their hands together, like they do.

[yankeedoodle]

Very nicely done.